The Company is engaged in the acquisition and development of mineral properties.
−Removed: The Company currently holds or has the right to acquire interests in one property – a development stage property in Alaska referred to as the Livengood Gold Project (the “Livengood Gold Project” or the “Project”).
+Added: The Company currently holds or has the right to acquire interests in one property – a development stage property in Alaska referred to as the Livengood Gold Project.
Information concerning our mining properties in this Annual Report on Form 10-K has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K, which first became applicable to us for the fiscal year ended December 31, 2021.
3 unchanged sentences
Under subpart 1300 of Regulation S-K, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person that the mineral resources can be the basis of an economically viable project.
−Removed: You are specifically cautioned not to assume that any part or all of the mineral deposits (including any mineral resources) in these categories will ever be converted into mineral reserves, as defined by the SEC.
+Added: You are specifically cautioned not to assume that any part or all of the mineral deposits (including any mineral resources) in these categories will ever be converted into mineral reserves, as that term is defined by the SEC.
You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value.
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The Fairbanks metropolitan area has a population of approximately 100,000 people, and comprises the regional center with hospitals, government offices, businesses and the University of Alaska, Fairbanks.
−Removed: linked to southern Alaska along a north-south transportation and utility corridor that includes two paved highways, a railroad to tide water, an interlinked electrical grid, and communications infrastructure.
+Added: The city is linked to southern Alaska along a north-south transportation and utility corridor that includes two paved highways, a railroad to tide water, an interlinked electrical grid, and communications infrastructure.
Fairbanks has an international airport serviced daily by up to three major airlines.
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100% owned patented mining claims
−Removed: Mineral Survey 1960 and 2447, located on lower Livengood Creek, subject to an agreement to allow Larry Nelson, as agent for Nelson Mining Company, to operate a placer mine on MS 1960 and 2447 through February 2, 2023.
+Added: Mineral Survey 1960 and 2447, located on lower Livengood Creek, subject to an agreement to allow Larry Nelson, as agent for Nelson Mining Company, to operate a placer mine on MS 1960 and 2447 through February 2, 2023 and subsequent reclamation obligations.
Mineral Survey 1956, located on lower Gertrude Creek, subject to a reserved royalty of 5% of gross value held by Key Trust Company on behalf of the Luther Hess Trust.
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Carbonate appears to have been introduced with and subsequent to these stages.
−Removed: Arsenopyrite and pyrite were introduced primarily during the albite-quartz and sericite-quartz stages.
+Added: Arsenopyrite and pyrite were introduced
+Added: primarily during the albite-quartz and sericite-quartz stages.
Gold correlates strongly with arsenic and occurs primarily within and on the margins of arsenopyrite and pyrite.
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On average, the effect of the increased drilling density on tonnage, grade, and contained ounces of gold was less than 1% and confirmed the integrity of the previously reported resource estimate.
−Removed: In 2011, the Company broadened the scope of the field program to include 2,240 m of exploration drilling outside the resource area, as well as 8,932 m of geotechnical drilling and 1,192 m of large diameter groundwater test wells.
+Added: Later in 2011, the Company broadened the scope of the field program to include 2,240 m of exploration drilling outside the resource area, as well as 8,932 m of geotechnical drilling and 1,192 m of large diameter groundwater test wells.
In May 2012, the Company commenced an 18-hole program of condemnation drilling to either sterilize or establish the presence of significant mineralization in the area surrounding the Money Knob deposit.
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There are no municipal or community agreements required for the Livengood Gold Project.
−Removed: 2021 Pre-Feasibility Study
−Removed: On January 12, 2021, the Company announced that the Board had approved a 2021 budget of $5.6 million, with the key element of the 2021 work program being the completion of an updated PFS on the Livengood Gold Project.
−Removed: The work program also advanced the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization as needed to support future permitting, as well as advanced community engagement.
+Added: 2021 Pre-Feasibility Study (“PFS”)
On November 4, 2021, the Company announced the results of the PFS for its Livengood Gold Project, which are summarized in the TRS.
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to integrate new interpretations based on an expanded geological database, improved geological modelling, new resource estimation methodology, an optimized mine plan and production schedule, additional detailed metallurgical work at various gold grades and grind sizes, changes in the target grind for the mill, new engineering estimates, and updated cost inputs, all of which significantly de-risked the Project.
−Removed: The TRS estimated the capital costs of the Project at US$1.93 billion, the total cost per ton milled at US$13.12, the all-in sustaining costs at US$1,171 per ounce, and the net present value (5%) at US$1,800/oz of US$400 million.
+Added: The TRS estimated the capital costs of the Project at $1.93 billion, the total cost per ton milled at $13.12, the all-in sustaining costs at $1,171 per ounce, and the net present value (5%) at $1,800/oz of $400 million.
The Project configuration evaluated in the TRS is a conventional, owner-operated surface mine that would utilize large-scale mining equipment in a blast/load/haul operation.
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Readers are cautioned that the NI 43-101 reports filed on SEDAR by the Company in September of 2013, October of 2016, and April 2017 are no longer considered current and should therefore no longer be relied upon by investors.
−Removed: Technical Report Summary
+Added: Technical Report Summary (“TRS”)
The TRS, current as of December 31, 2022, indicates that the Project generates a minimal positive return at a gold price of $1,680 per ounce.
−Removed: Readers are encouraged to review the entire TRS Report on EDGAR, with particular emphasis on the sensitivity analyses contained therein.
+Added: Readers are encouraged to review the entire TRS on EDGAR, with particular emphasis on the sensitivity analyses contained therein.
The TRS for the Livengood Gold Project is filed as Exhibit 96.1 to this Annual Report on Form 10-K.
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Total Measured and Indicated
−Removed: The Qualified Person for the mineral resource estimate is Resource Development Associates.
+Added: The Qualified Person for the mineral resource estimate is Resource Development Associates Inc.
The effective date of the estimate is August 20, 2021 and the estimate is current as of December 31, 2022.
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Open pit resources stated as contained within a potentially economically minable open pit;
−Removed: pit optimization was based on gold price of US$1,650 per ounce, which was 5% over the three year rolling average as of August, 2021, variable mining and recoveries as described in Table 1C, and general and administrative cost of US$1.55 per tonne, and a pit slope of 45 degrees.
+Added: pit optimization was based on gold price of $1,650 per ounce, which was 5% over the three year rolling average as of August, 2021, variable mining and recoveries as described in Table 1C, and general and administrative cost of $1.55 per tonne, and a pit slope of 45 degrees.
Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
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Mineral reserves for the Project are enumerated as per added §229.1302(e)(2) (Item 1302(e)(2) of Regulation S-K).
−Removed: Mineral reserves are estimated using a gold price of US$1,680 per ounce, which approximated the 2 year rolling average gold price during October 2021, and consider a 3% royalty, US$1.80 per ounce for smelting, refining, and transportation costs, and a gold payable of 99.9%.
+Added: Mineral reserves are estimated using a gold price of $1,680 per ounce, which approximated the 2 year rolling average gold price during October 2021, and consider a 3% royalty, $1.80 per ounce for smelting, refining, and transportation costs, and a gold payable of 99.9%.
Metallurgical recovery curves were developed for each rock type (“RT”), with the Mineral Reserves having the following tonnage weighted averages:
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Totals may not add due to rounding.
−Removed: Changes in Mineral Resource and Reserve Estimates from 2020 to 2021
−Removed: This is the first reporting of resources and reserves under subpart 1300 of Regulation S-K.
−Removed: The changes to the resource and reserve estimates shown below were the result of complete integration of all material technical information generated by the Company since the April 2017 Report, including new geologic interpretations based on an expanded geological database, improved geological modelling, new resource estimation methodology, new optimized mine plan and production schedule, additional detailed metallurgical work at various gold grades and grind sizes, changes in the target grind for the mill, new engineering estimates, and updated cost and revenue inputs.
−Removed: Details are provided in the TRS.
−Removed: Contained Au (Koz)
−Removed: Classification
−Removed: Resources (exclusive of reserves)
−Removed: Total Measured and Indicated Resources
−Removed: Resources (inclusive of reserves)
−Removed: Total Measured and Indicated Resources
−Removed: Total Proven and Probable Reserves
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.